“I think there is a sort of mini bull market that could potentially be a bit of a bubble in gold,” Scott said on CNBC’s Protect Your Wealth. “I find it difficult to argue for a long and slow recovery in the global economy,” he added. “I still lean to short-term deflationary risks in the economy than inflation, and gold is the ultimate inflation hedge,” he added. Gold has been performing as an asset and is subjected to speculative forces rather than fundmental forces in inflation hedging, Scott observed, cautioning “that could pop.”

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